Titan Cement Company S.A. announces that its subsidiary Titan America LLC acquired the Cumberland Quarry which produces limestone aggregates in Salem, Kentucky from Cumberland River Resources LLC and Jim Smith Contracting LLC for $ 36 m plus adjustments, for 100% of the business in cash. The operating quarry has over a billion tons of reserves on the Cumberland River and barges aggregates to various locations along the Mississippi River, including the New Orleans and neighboring markets. The quarry has the potential for increased production to serve the needs of growing markets.
Titan America is one of the premier heavy building materials producers in the Eastern United States with cement, aggregates, concrete and fly ash operations and is headquartered in Norfolk, Virginia.
Titan is an independent cement and building materials producer, based in Greece. Titan owns and operates 11 cement plants in six countries. In 2006 the Group sold more than 16 m. tons of cement and cementitious materials, 6 m.m3 of ready mixed concrete, over 22 m. tons of aggregates and various other building materials like concrete blocks, dry mortars etc.